12-2830. Fiscal year; budget.
12-2830
12-2830. Fiscal year; budget.
The board shall establish a fiscal operating year. At least thirty days
prior to the beginning of the first full fiscal year after the creation of
the authority, and annually thereafter, the board shall cause to be
prepared a tentative budget which shall include all operation and
maintenance expense for the ensuing fiscal year. The tentative budget shall
be considered by the board and, subject to any revision and amendments as
may be determined, shall be adopted prior to the first day of the ensuing
fiscal year as the budget for that year. No expenditures for operations and
maintenance in excess of the budget shall be made during any fiscal year
except by the affirmative vote of at least four members of the board. It
shall not be necessary to include in the annual budget any statement of
necessary expenditures for pensions or retirement annuities, or for
interest or principal payments on bonds or certificates, or for capital
outlays, but it shall be the duty of the board to make provisions for
payment of same from appropriate funds.
History: L. 1955, ch. 118, § 30; April 13.